June crude oil prices this morning are down 46 cents and gasoline is down 2.01 cents. Oil prices were undercut by last night's Chinese trade report showed that Chinese April crude oil imports dropped to a 4-month low. Crude oil and gasoline prices on Wednesday closed mixed: CLM12 -0.20, RBM2 +0.0297. Crude oil prices were hurt by technical weakness, a bearish DOE report for crude oil, and the continued Greek troubles. However, gasoline rallied on an unexpected decline in DOE gasoline inventories and a fire at Sunoco's refinery in Philadelphia. The weekly DOE report was bearish for crude oil and bullish for products. Crude oil inventories rose by 3.652 million barrels (+1.0%) to a new 21-1/2 year high of 379.516 million barrels. That is 7.2% above the 5-year seasonal average, the highest such level since last June. Meanwhile, gasoline inventories fell by 2.6 million barrels (vs expectations of +250,000 barrels) and are now 1.0% below the 5-year seasonal average, the ti ghtest level since last May. Distillate inventories fell sharply by 3.25 million barrels (versus expectations of +750,000 barrels). Distillate inventories are now 9.8% below the 5-year seasonal average, the tightest level in 9 years.
